For Actuarial Science

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries mathematically evaluate the probability of events and quantify the contingent outcomes in order to minimize the impacts of financial losses associated with uncertain undesirable events. The profession has consistently ranked as one of the most desirable in various studies over the years.

Actuaries can earn professional status by passing a series of examinations administered by the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS). The first two exams are:

ExamP: Probability

ExamFM: Financial Mathematics

Previous versions of these exams, with answer keys and solutions, and information about submitting an application for the exams, can be found online at Be An Actuary.

The CAS Syllabus of Examinations and the Education Area of the SOA web site contain a description of the education and examination system for the Preliminary Actuarial Examinations, including the material to be covered for each examination, instructions, schedules, and applications. Students can find links to this information at Be An Actuary.

The optimal time to take the first exam is soon after completing a calculus-based probability course such as MATH 230 Probability or MATH 340 Advanced Introduction to Probability. The following is a list of Duke courses that are useful in preparing for a career as an actuary.

As part of Preliminary Education in both the SOA and the CAS, there are three topics that require Validation by Educational Experience (VEE): Economics (macro and micro), Corporate Finance, and Applied Statistics (time series and regression). A directory of approved college courses is available at the VEE requirements home page.

If you are pursuing the SOA career path, you will start the Fundamentals of Actuarial Practice (FAP) course after you finish the Preliminary Education requirements. FAP is an e-Learning course that includes both online and offline activities and exposes you to real-world situations.

For further information or additional advice about careers in the actuarial sciences, please contact Professor Dalene Stangl of the Department of Statistical Science, Duke math alumnus Emily Reither, now at Allstate, or alumnus Andrew Tignanelli.

The curriculum in Statistics and Operations Research at UNC-Chapel Hill includes an Actuarial Science option through which students take specialized courses – STOR 471 Long Term Actuarial Models (fall semester) and STOR 472 Short Term Actuarial Models (spring semester). Descriptions of these courses can be found on the UNC curriculum web site. Under a reciprocal agreement between the two universities, students at Duke may enroll concurrently in these courses offered by UNC. Note, however, that prior approval from the Director of Undergraduate Studies must be sought for such courses to count toward mathematics major or minor credit. Charles W. Dunn, a Duke graduate and Fellow of the Society of Actuaries, teaches the UNC courses and will be happy to answer questions about them or about actuarial science in general.

Duke students are also welcome to participate in activities sponsored by Carolina's Actuarial Student Organization (UNC CASO), an undergraduate student actuarial club. Check out their website for more information.

For Business and Economics

Many professions and many graduate and professional school programs regard a strong background in mathematics as highly desirable. For that reason, students with a primary interest in other disciplines may also want to consider a major or minor in mathematics.

For students interested in Business or Economics, the following courses are recommended:

For Computer Science

Many professions and many graduate and professional school programs regard a strong background in mathematics as highly desirable. For that reason, students with a primary interest in other disciplines may also want to consider a major or minor in mathematics.

For students interested in Computer Science, the following courses are recommended:

For Engineering & Natural Sciences

Many professions and many graduate and professional school programs regard a strong background in mathematics as highly desirable. For that reason, students with a primary interest in other disciplines may also want to consider a major or minor in mathematics.

For students interested in Engineering or Natural Sciences, the following courses are recommended:

For Graduate Math Study

A student planning to pursue graduate study in mathematics should develop a program of study that provides both variety of experience and a strong background in fundamental areas. The core courses for either pure or applied mathematics are:

Advanced students are encouraged to take standard graduate level courses (numbered 555 and above) in their senior (and occasionally in their junior) years. In particular, the following are recommended:

Graduate programs usually expect that applicants will take the Graduate Record Examination Subject Test in mathematics. The test emphasizes linear algebra, abstract algebra, and advanced calculus, but also includes questions about complex analysis, topology, combinatorics, probability, statistics, number theory, and algorithmic processes.

For Statistics and Operations Research

At present, job prospects are good at all degree levels for those with a strong background in statistics and some computer programming experience. A student interested in pursuing statistics or operations research has several academic options. Duke offers a major in statistical science through the Department of Statistical Science or, alternatively, students can major in math with an emphasis in statistics.

Pursuing Graduate Work

For students who DO plan to pursue graduate work in statistics or operations research, having a strong background in mathematics (especially analysis and linear algebra) and computer science is the best course of action. The following is recommended:

Major in math and take the core course sequence recommended for students planning to pursue graduate mathematics study

Two courses in physics such as PHYSICS 25 Physics I and 26 Physics II (AP Credit), or PHYSICS 1441L General Physics I and 142L General Physics II, or PHYSICS 151L Introductory Mechanics and 152L Introductory Electricity, Magnetism and Optics, or PHYSICS 161D Fundamentals of Physics I and 162D Fundamentals of Physics II.

Teaching Credentials and Eligibility

There are a couple of ways in which a student can major in mathematics and also to be qualified to teach.

Math Teaching License

A student with an interest in teaching at the high school level is encouraged to earn a Math Teaching License while working on their requirements for their mathematics major.

The teaching license, which is earned by fulfilling requirements prescribed by the State of North Carolina, is generally accepted in most of the 50 states by reciprocal agreement. Schools are now required by federal mandate to ensure that teachers hold appropriate licensure in their respective content area with the goal of having all classrooms led by highly qualified professionals.

Requirements for the Math Teaching License include a variety of education courses, a psychology course, and other courses in mathematics. Students who complete the licensure program also earn a minor in Education.

The last semester of the senior year is devoted to the student teaching block. This includes two education courses and 10-12 weeks of full-time teaching and observation in a Durham Public School, working with a licensed high school teacher and PiE faculty. The student teaching practicum counts as two course credits.

Because of the time constraints this may impose on the planning of courses, students who consider teaching high school math should confer with the faculty in the Program in Education prior to preparing a long-range plan.

Master of Arts in Teaching (MAT) Program

A student may complete their undergraduate degree in mathematics and apply to the Graduate School to obtain a master of arts in teaching (MAT). A MAT degree prepares one for a secondary school teaching position, with an advanced pay scale. Many junior colleges employ teachers who hold these degrees.

Duke has one of the most innovative MAT Programs in the country. It is virtually unique with an emphasis on extensive classroom experience and advanced mathematics courses rather than on education courses.

The MAT Program has recently received a 3-year grant from the National Science Foundation that awards fellowships to students who complete the MAT program in mathematics. The only requirement upon completion of the program is to serve two years teaching mathematics in a high-need school. Please note that Durham Public Schools qualify as high-need.

For more information about this program contact the director, Alan Teasley or any of the teaching faculty in the Mathematics Department.

Teaching Math in a Private School

To teach in a private school, only an undergraduate degree with a major or minor in mathematics may be required; however, a mathematics major is highly recommended.